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FDAzar > Kingstone Companies Securities Class Action Lawsuit

CLASS ACTION INVESTIGATION INTO LAWSUIT FILED AGAINST KINGSTONE COMPANIES, INC. ON BEHALF OF INVESTORS

Lead Plaintiff Deadline: August 11, 2019.

Franklin D. Azar & Associates, P.C. announces that it is investigating a lawsuit filed against Kingstone Companies, Inc. (“Kingstone”) on behalf of Kingstone shareholders [NASDAQ: KINS], alleging that Kingstone and certain of its officers violated the federal securities laws. Kingstone investors who have purchased at least 500 shares of Kingstone stock between March 14, 2018 and April 29, 2019 and are interested to learn more about the case are encouraged to contact Franklin D. Azar & Associates, P.C.at securities@fdazar.com, or call 1-844-241-9475.

Background:

On April 29, 2019, Kingstone, a provider of property and casualty insurance products, revealed a $2.5 million charge to its claims case reserves and a $2.5 million charge to its incurred but not reported (“IBNR”) reserves based on a “comprehensive review of [Kingstone’s] claims operations.” As a result of those charges, Kingstone “expects to end the full year with a combined ration excluding catastrophe losses of 88% to 91% and catastrophe losses of 4 to 5 points”

Franklin D. Azar & Associates, P.C. announces that it is investigating a lawsuit filed against Kingstone Companies, Inc. (“Kingstone”) on behalf of Kingstone shareholders [NASDAQ: KINS], alleging that Kingstone and certain of its officers violated the federal securities laws. Kingstone investors who have purchased at least 500 shares of Kingstone stock between March 14, 2018 and April 29, 2019 and are interested to learn more about the case are encouraged to contact Franklin D. Azar & Associates, P.C.at securities@fdazar.com, or call 1-844-241-9475.

The market’s reaction to this news caused Kingstone’s stock price to fall $2.07 per share, or more than 15%, to close at $11.61 per share on April 30, 2019. As a result of this drop in stock price, Kingstone investors were injured.

The lawsuit alleges that Kingstone made false and misleading statements, as well as failed to disclose adverse facts about business. Allegedly, Kingstone failed to follow industry best practices on handling claims, which resulted in sufficient claims reserves not being recorded. These materially false and misleading statements and omissions caused Kingstone’s stock to trade at artificially inflated prices during the Class Period, with the price per share reaching a high of more than $21. Along with lack of control over financial reporting, the disclosure of these false and misleading statements and omissions allegedly caused Kingstone’s share price to fall over 15 percent. The lawsuit seeks to recover this loss for shareholders who purchased during the Class Period.

If you have purchased at least 500 shares of Kingstone stock (NASDAQ: KINS), you may have a claim for damages, and you may be eligible to seek a position in the case as a lead plaintiff. Please contact Franklin D. Azar & Associates, P.C.’s shareholder rights team at securities@fdazar.com, or call 1-844-241-9475.

Franklin D. Azar & Associates, P.C.’s securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. Franklin D. Azar & Associates, P.C. is working with the Thornton Law Firm in investigating this case. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Frank Azar and Associates’ Kingstone Class Action Team

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